Another great post, Will. I think you hit the nail on the head in terms of people's perceptions towards hedge funds. They are useful investment vehicles, but only in the right context and for patient investors. Benchmarking is, of course, critical to determining the value of any hedge fund strategy, however it seems to me that too many investors reference this benchmark on a quarterly or annual basis. This is dangerously short-sighted in an industry where market cycles can sometimes take a decade or more to play out. You can't fault investors for increasingly demanding more transparency and shorter lockup periods, but those things aren't really conducive to long-term investing and therefore can be a drag on performance.